Italy and Russia are interested in the privatization of Greek national railway operator TrainOSE. The Hellenic Republic Asset Development Fund (HRADF) has announced the three potential candidates for the privatization of 100% of national train operator TrainOSE: Russian National Railways (RZD), Italian state railway group Ferrovie dello Stato SpA, and the Greek GEK Terna Hellenic Republic Asset Development Fund.
In accordance with the requirements of the contest, a candidate for the purchase of assets should own consolidated assets worth more than EUR 100 million in net debt.
The initial cost of TrainOSE is less than EUR 100 million, however, according to analysts, the high level of debt (over EUR 750 million) and lease payments make TrainOSE a risky deal.
The tender for the privatization of 100% of national train operator TrainOSE was announced in January, 2016. In February, the Deputy Prime Minister Arkady Dvorkovich said that the Russian National Railways is interested in the company.
Greece had announced the privatization of TrainOSE assets in 2013. Then, in addition to TrainOSE, there were in sale a controlling stake in the seaport of Thessaloniki and ROSCO. Back then, the representatives of Russian Railways first spoke on the interest in the privatization of national train operator.
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